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New Property Buying in London

edited 31 January 2013 at 2:52PM in Mortgages & Endowments
11 replies 941 views
prisatprisat Forumite
9 Posts
edited 31 January 2013 at 2:52PM in Mortgages & Endowments
Guys,

I live in London and do not want to move out as i think i will be good to stay here because of my work commitments...

I pay 850 as rent + all bills separate (water + gas + electric + council tax)

I am a first time buyer. I think my credit rating is good. Considering the situation here in London, i can afford a 1,70000 worth property (i prefer something in East London - East Ham, West Ham, Ilford, SevenKings, Good Mayes, Chadwell Heath or Romford). Don't you guys think, i cant get anything within 170k in east london ????? I always thought something or the other was possible in this area for this budget.

My requirement :

1. 2 BHK +
2. Independent Property - a house
3. easy access to tube / train to Liverlpool street (Maximum 40 mins travel - station to station)
4. Safe area
5. access to shopping at a short distance as i dont have a car or i i dont have plans to buy a car


A) Is it worth buying a property now in London or continue with renting ?

B) What is the average age of the property in UK / London before it is destroyed (or a notice given by government that the house is old and one can not continue to live here). I ask this because most of the properties in london are very old and after some years of paying the mortgage, i do not want the government to come and say to me that i will have to rebuild my house or keep it with standards spending 10,000's again.
Government is only trying to RIP OFF the savings from people. They want to spend the entire stuff. :(

C) If i wanted to sell a property after 7 or 8 years, do you guys think it is easy to sell it with some profit in London ? I often see properties in sale for years before they are sold off.

D) I am a british passport holder and If i leave this country after 10 years (assuming the mortage is for 20 years), then only return to this country for 3-4 months in a year, then what and all options do i have without having to sell it ? Iam not rich, and i will never buy a second property in my life. So kindly advise accordingly.


Please give your valuable suggestions and replies accordingly.

Thanks in advance for all your replies.
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Replies

  • kingstreetkingstreet Forumite
    36.7K Posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    Did you mean to post that here?

    Not much/nothing you want to know about mortgages?

    A - personal choice/circumstances

    B - don't understand what you mean

    C - depends on market circumstances/crystal ball

    D - let it, or have a friend stay in it?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • cpdc1030cpdc1030 Forumite
    124 Posts
    A. For me - owning is much cheaper than renting. But it's much riskier.
    B. There's no such thing. Generally in the UK older properties are actually more sought after than newer ones, properly maintained of course. But there's always the threat of compulsory purchase if in a regeneration area.
    C. Depends on the area. The distant suburbs have lost a lot of appeal because of rising train fares. Whereas those within the TfL area have been better.
    D. Let it out

    For 2 bedrooms, house, £170,000, in a good area and within 40 mins commuting distance of Liverpool Street, good luck finding anything. I think you'll need to add at least £75-100k to that figure, probably much more.
  • You'd need to be a long way from London to get a 2bed house for that budget.

    Southend is about an hour out of Liverpool street but is probably one of the most affordable part of the SE and gets into london with relative ease.
    Thinking critically since 1996....
  • Info added to the OP -

    i prefer something in East London - East Ham, West Ham, Ilford, SevenKings, Good Mayes, Chadwell Heath or Romford


    Don't you guys think, i cant get anything within 170k in east london ????? I always thought something or the other was possible in this area for this budget.
  • edited 31 January 2013 at 5:42PM
    cpdc1030cpdc1030 Forumite
    124 Posts
    edited 31 January 2013 at 5:42PM
    You'd need to be a long way from London to get a 2bed house for that budget.

    Southend is about an hour out of Liverpool street but is probably one of the most affordable part of the SE and gets into london with relative ease.

    But a monthly travelcard plus underground is over £500 per month. Ouch! That's about 75% of the mortgage payment on one of my flats in London (one bed, mind you).

    For me, a decent 2 bedroom flat in NW London was £275k. And that is on a (nice, and small) council estate. But my annual travelcard was less than £900 for the entire year (zones 2 and 3 only, buses into zone 1).

    So don't be penny wise / pound foolish - increased transportation costs for the sake of a cheaper property might not make sense.
  • jayshipjayship Forumite
    380 Posts
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    Chadwell Heath/Dagenham border. Probably around K175 u may get a 2/3 bed house. A 2 bed flat near a station in CH which is an overground station in Zone 5. That would considerably increase your commuting cost. Key in RM6 on a property website. U would be able to look at properties within your price range.
  • rodmanrodman Forumite
    168 Posts
    Part of the Furniture
    You can get 2 bedroom for that money but not house, flat maybe.
  • Romford probbably not. Thats my manor. Ilford is a bit cheaper-by a bit i mean a tiny bit. Chadwell heath being between the two is between the two on prices.
    And where did you get this idea that houses get demolished after a certain amount of time? Crazy!
  • Thanks for all your replies....

    Zoopla -

    What do you all think of these properties less than 190 k ?

    Worthless ?????

    zoopla.co.uk/for-sale/details/16752954?search_identifier=3c3e74a59d379fc44e196548ccc55a52[

    zoopla.co.uk/for-sale/details/16745684?search_identifier=3c3e74a59d379fc44e196548ccc55a52



    Your kind inputs please
  • edited 5 February 2013 at 5:11PM
    DuckEggGinghamDuckEggGingham Forumite
    315 Posts
    edited 5 February 2013 at 5:11PM
    You would probably be better asking actual house advice on the House Buying board:

    http://forums.moneysavingexpert.com/forumdisplay.php?f=16

    Though one of those links looks like its trying to sell you West Ham Stadium! Not sure MSE has a stadium board ;)

    Why do Estate agents thinks a token picture of the front door is okay, I want to see proper pictures when looking over a potential property for viewing?!
    Save 8k in 2013: Member #100
    £450 / £8000
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